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-- Posted Friday, 2 February 2007 | Digg This Article

GOLD	SILVER
COMEX GOLD APRIL FUTURE -- $661.40	COMEX SILVER MARCH FUTURE -- $1366.50
EXPECTED TRADING RANGE
GOLD -- $652.00 -- $672.00	SILVER -- $1324.0 - $1425.00
COPPER AND CRUDE OIL -- EXPECTED TRADING RANGE
COPPER MARCH -- $240.00 - $260.10	NYMEX CRUDE OIL  FEBRUARY  - $56.40 - $60.20
MULTI COMMODITY EXCHANGE OF INDIA (MCX)
GOLD APRIL FUTURE/10 GRAMS	SILVER MARCH FUTURE/KG
Rs.9380 - Rs.9600	Rs.19,700 - Rs.20,700
NATURAL GAS FEBRUARY FUTURE	CRUDE OIL FEBRUARY FUTURE
Rs.316.00 - Rs.360.00	Rs.2,510 - Rs.2630
GENERAL MARKET CONDITIONS
Gold breached the $660 mark yesterday but failed to close over the same. Silver also found sellers at higher levels. There has been a bit of profit taking in gold and silver as traders are nervous to carry over any long positions for the next day due to past track record of inability to hold $660 levels. It’s just a consolidation phase for the markets and traders are in a wait and watch mode.   Copper and zinc are not finding favour with the speculators as they are unable to hold on to the gains. Inventory worries is dragging down copper while Chinese demand is yet to pick up. Chinese demand should pick up towards the close of February and a short term bottom will be formed by that time. Copper bears will try their best to ensure that copper March future closes at the lowest levels so that investors exit. $220 is the key long term support for copper.   Crude oil futures are now trading in a new $56 - $60 band. The next two to three weeks will test the high’s with $60 being the key psychological support. Crude oil is once again finding favour  with the fund manager on strong global demand in 2006.
GOLD -- APRIL FUTURE
Gold needs to break $660-$670 zone for $700. On the lower side as long as $642 holds on closing basis the downside is limited. A consolidated fall below $642 will result in $634.
SILVER -- MARCH FUTURE
Silver needs to close over $1380 for further gains to $1425. On the lower side $1337 is the initial support with $1312 and $1300 as the key support levels.
Happy Profitable Trading  & A Great Weekend
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prices of specific currencies, precious metals, base metals, or equity indices reflect the views
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errors in, or omissions of Information.

-- Posted Friday, 2 February 2007 | Digg This Article

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